According to a 2018 Forbes article, over 1.7 billion people are unbanked. As further revealed by the aforementioned source, over 80% of that number live in developing countries, yet a larger percentage own a smartphone. Pretty ironic!
In addition to this major sticking point, the average salary of teachers globally isn’t particularly competitive if juxtaposed with the onus they are encumbered with. This alone discourages more individuals to pursue this fulfilling and highly important career path.
The blockchain technology and crypto market, two of the frontier technologies, have been known for one thing — disruption. The permanent and immutable technology is currently disrupting several industries.
Could blockchain disrupt the century-long education sector? Well, while a ton of projects and tokens have been launched in that regard, only a diminutive number have lived up to that.
The ESP Project
Using a technology-driven ecosystem, the team behind this blockchain-based project seeking to disrupt this sector, claims its ultimate goal is to make a massive impact in the educational system.
Built after three years of constant back and forth between the team and renowned educators, experts, and service providers in the field, the ESP Project which according to the team, stands for Education and Solar Project, unanimously agreed to create a utility token.
With a firm belief that no utility token can be a “fit all”, the team behind this project has launched the E$P Token, the project’s native token which will allow them pioneer a paradigm shift in the premier education sector. An ERC-20 token, E$P Token will lay the groundwork for the impact the ESP Project seeks to make in the education sector.
Creating a decentralized content delivery network [CDN], the ESP team will create an ecosystem where E$P will power and act as a payment tool for all services, thus solving the unbanked problem. With a clear plan to launch this project specifically in developing countries, the team will put an end to this existing problem, offering residents an opportunity to send and receive payments seamlessly via their smartphones.
According to the project’s white paper, several use cases are in the pipeline. One of such is the Education Ecosystem. Powered by the E$P token which will act as a payment tool, the Education Ecosystem is a platform that will connect teachers, students, and parents. A student management and information application as further revealed by the white paper, this platform is integrated with special tools like attendance, performance monitoring, and communication. Students will be required to have digital wallets where all payments will be made through.
Eliminating the need for students to carry cash, the ESP Project will attempt to offer schools a faster and efficient way to manage finances.
Content Providers on the Education Ecosystem
Challenging the existing status quo, ESP strives to be a better project where teachers or content developers are paid in full for all of their hard work.
Introducing the Closed and Open systems, the ESP Project team will offer teachers an opportunity to earn greatly from their content. The Closed System, according to the project, was built for providers that would love to act in a centralized manner. Leveraging the powers of the E$P token, these providers will be paid based on negotiated rates. Each will earn based on the number of views their content garner.
Open System, on the other hand, will be a decentralized platform. Described as a video Wikipedia, this system will enable content providers to monetize their content although with a community charged with handling the acceptance and rejection of content.
The ESP Project towing an untrodden path is seeking to disrupt the educational sector with the help of blockchain technology and smart contracts.
